22 Oct 2004
HOUSTON (Oct. 20)--A Houston energy services company has acquired Canada's Oilco Group, parent of Alberta Rubber Products Inc., for about $10 million.
T-3 Energy Services Inc. of Houston said it selected Oilco to complement its existing range of oilfield products and services primarily to customers in the upstream oil and gas industry, petrochemical and refinery plants, shipyards and offshore fabrication companies.
Besides Alberta Rubber, which makes rubber goods used in the oil-well control industry, Oilco Group includes Oilco Equipment Ltd., Oilco Enterprises Ltd. and Oilco Services & Supply Ltd., which together make accumulators, re-manufacture blowout preventors and perform field services on both accumulators and blowout preventors.
The acquisition was funded from T-3's working capital and the use of its senior and subordinated long-term debt credit facilities.
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